Wednesday, November 3, 2010

Crude Oil Technical Outlook For Wednesday Morning Nov. 3rd

Crude oil was higher overnight as it extended this week's rally above the 20 day moving average. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If December extends this week's rally, October's high crossing near 85.08 is the next upside target. Closes below October's low crossing at 79.90 are needed to confirm that a short term top has been posted.

First resistance is the overnight high crossing at 84.74
Second resistance is October's high crossing at 85.08

Crude oil pivot point for Wednesday morning is 83.73

First support is the 10 day moving average crossing at 82.44
Second support is October's low crossing at 79.90


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